Backing out of a sale Real Estate |
- Backing out of a sale
- ALMOST bought a house that was flipped without any permits or inspections
- Can I evict a Tenant in CA for smoking Weed/Pot in a Unit with a Stated NONSMOKING Policy/Lease Agreement?
- In the next year, looking to buy a vacant lot, build a house, and sell our current house. But unclear about financing and process (KS).
- Buy or rent an apartment? (Young Adult)
- Those of you who went through with the Illinois First time home buyer program, what was your experience?
- Selling - what little things can I do before I list to save a headache?
- [MA] Landlord - Section 8 applications for non-section 8 housing
- downward sloping driveway?
- Good Idea or Bad - Purchasing Parent's House
- A sign along the road says “10 acres for sale contact 1-800-XXX-XXXX.” Before calling, what does the process look like for purchasing something like that?
- Cheaper to buy or rent, I'm randomly dragging the sliders not understanding ~12 of them. Is this just for people completely immersed in home purchasing?
- Homeowner wants to sell while having a Reverse Mortgage
- Find condo association contact information?
- [IN] First time home buyer. Feeling frustrated/overwhelmed with so many external opinions post inspection
- Why have MLS’s not taken the initiative to integrate VR tours and videos into the listings?
- Buying a rental property vs. buying the LLC that owns the property [OH].
- Should I refinance out of a 5.75% interest rate?
- (TX) First Time Home Buyer. Seller Backing Out after Executing Contract. Help?
- [MA] MLS stated home is de-leaded but no lead tests exists on Mass Lead Safe Home site
- Investing in a house with electric heat (CA)
- [TX] Finding out if a home has a lien
- [northern VA] Thoughts on the offered loan rates
- Resource for contact information(SC)
| Posted: 29 Jan 2018 05:26 PM PST We put in an offer on a house that got accepted. However after talking to the neighbors and bringing in a foundation expert, we've learned that the property has a pretty major water problem that wasn't apparent during our tour. The neighbor said the basement has flooded several times and water pools in the yard when it rains. The foundation expert believes there may even be an underground spring on the property. We're backing out of the sale for obvious reasons. We haven't negotiated our mortgage terms yet or put any money down. We can just walk away with no fees or penalties right? It's a Fannie Mae property if that makes a difference. It's such a disappointing situation. We thought it was our dream home, but now we're just trying to walk away unscathed. Thanks in advance. Edit: apparently I needed to include location. The house is located in Michigan. [link] [comments]  |
| ALMOST bought a house that was flipped without any permits or inspections Posted: 29 Jan 2018 12:12 PM PST My girlfriend and I find a house that looked great at first sight. In our price range, a good size, good location, good yard, great floor plan. It was a flip where there was an owner, and a "partner" who was the contractor in charge of all the work. Within the last year they replaced the roof (sheathing and shingles), all plumbing, all electrical, Replaced a coal boiler and radiators with a heat pump and forced air, new siding, new windows, and paved the driveway. They say $170k worth of work, and it looked great. (Even though none of the work was listed on the disclosure of sale) We made an offer, went back and forth a few times on price, then agreed. We got a home inspector and we noticed a few odd things while walking around with him: the flashing around the chimneys didn't look completed, the HVAC return trunk had a 8" hole cut into it in the basement, and the biggest red flag for me was that there was a floor joist that was cut completely through when they installed the hvac ducts. The basement was finished, so we couldn't see anything except drywall on all the walls and ceiling. The only place we could see was right around the water heater and furnace, which is where we saw the floor joist cut. We asked for a bunch of minor fixes and for a copy of the permits for all the work done on our addendum for the offer. They were very nice about it and started making the repairs immediately, but didn't want to sign the addendum now that there were completed items on there. About a week later we did a walkthrough with the contractor and he reassured us that the flashing on the chimney was done correctly, the HVAC installer knew what he was doing, and they could add a support to the floor joist if we wanted. He also said that everything was done with permits and the inspector was all over them. The day before the negotiation period is over, they finally send over an updated disclosure with all the work they did. Along with the one permit they got which says "rewire kitchen and replumb new kitchen area. Miscellaneous wiring throughout house. Work completed without a permit or inspection." We did another walkthrough with the contractor that night and went over the permit. He didn't have a good answer to why that's the only thing mentioned on there. He then told us again about how everything was inspected. The next day (final day of negotiation period) we talk to the town and get a copy of the certificate of Occupancy. It says "scope of work: rewire kitchen and replumb new kitchen area. Miscellaneous wiring throughout house. Work completed without a permit or inspection. Notes on inspection: work was completed prior to any building permits or inspections. [Town name] and [consultant company] cannot be held liable for work performed." Seeing this we called the inspector whose name was signed on the permit and C of O. He said he wasn't aware that all that work was done, and he was only in the house once, and that was after all the dry wall was up, and he was mainly looking at the kitchen. This sent up the rest of our red flags and we ended up terminating the sale on the last day of the negotiation period. What are my odds of getting back my initial deposit? How can I prevent this from happening again? Why did the inspector sign anything? Why would the contractors do this if they are professional flippers? How can they get away with this? Edit: location PA, USA [link] [comments]  |
| Posted: 29 Jan 2018 08:38 AM PST What does the State Law allow us to do as Landlords in the State of California - when a Tenant smokes Weed with a state 'Medical Card'? Does the LL have the right to ask tenant to vacate? Is LL forced to file for Eviction? What are LL rights in this situation? Thanks. [link] [comments]  |
| Posted: 29 Jan 2018 10:35 PM PST My wife and I are both about to graduate from grad school. We bought our first house just before we got married for $133k (now appraised at $143k). We used monetary gifts from our wedding as down payment and verified expected teaching income statements from our school. We were lucky getting the house; we've made all 30 monthly payments so far just fine, but doing so with both of us in grad school has been lean, leaving us currently with less than $3k in our bank account. The good news for us is that my wife already has accepted two job offers; the first is only a year long and starts this fall. It will put our combined pre-tax income at ~$100k/yr. By fall 2019, it jumps to ~$160k with her second job. We want to move closer to our work (about an hour away, still in KS), and we know the exact neighborhood we want to live in. It's in a small area that has historic homes, but the area around it doesn't have a great perception, which keeps home prices low. We found a vacant lot there owned by a realtor that's only been on the market for a few months. It's about $15k, which is 7x the appraisal for the vacant land, and 3x what neighbors there have told me is reasonable. Our goal would be to buy the land now, and build on it later, either this fall or early next year. I'm an architect, so I can do all the drawings myself (or can hire a friend to finish them), and I know the planning department well enough to learn about any easement issues. From what I've heard from neighbors, they think the shape of the lot and the easements are too restrictive to build a typical home, something I'm not worried about. My question is this: if we are 99% sure that this is the lot we want to buy, but don't have a ton of cash to spend now, though we will in 6-8 months, what would be the best option to move forward in getting that lot now, with a plan for financing the construction of a new home on that lot within the next 1-2 years? We're willing to sell our house and live with family nearby in the meantime as well. What I'm struggling with is the sequencing that this would all require. Appreciate any advice! [link] [comments]  |
| Buy or rent an apartment? (Young Adult) Posted: 29 Jan 2018 07:11 PM PST Hello all, I am 20 years old, and I work in IT. I make a little over 40k a year as this is my first job. I am currently living my parents and am saving a lot. Obviously I don't have much compared to older guys, I have a stable job. I live in the NYC suburbs. Me and my parents really don't get along. Especially with my Dad. I am not getting into that, I want to move out as soon as I can. I am hoping to get some more IT certifications and get a better job by this summer. I already have certifications and an AAS. I want to move into an apartment, but I do not want to rent. It doesn't make sense to me, you don't get nothing in return when you leave. I have been looking around and in my area, I see many offers for as low as 190k. I know I might sound out of my mind, but I can assure you that I am not irrational. I wouldn't move out if I didn't have the income to make it. I just want more information. I will probably be seriously looking in a like 9-12 months from now. [link] [comments]  |
| Posted: 29 Jan 2018 04:15 PM PST Currently rent in Illinois, but thinking about buying a home sometime in the future. Just wanted to get some first hand experience from someone who went through the First Time Illinois home buyer program and how everything went. What did you like about the program? What didnt you like? What would you have done differently? What do you wish you knew before entering the program? Would you suggest it to friends / family? [link] [comments]  |
| Selling - what little things can I do before I list to save a headache? Posted: 29 Jan 2018 06:36 PM PST Things I'm thinking are like testing all the GFCI outlets to make sure they are fine and replacing any that need it. Selling in NJ. [link] [comments]  |
| [MA] Landlord - Section 8 applications for non-section 8 housing Posted: 29 Jan 2018 05:09 PM PST I'm doing what research I can right now to address my questions and I plan to talk to my local HUD office to get more information as well. I've just listed my 3 bedroom apartment for rent (First time landlord, been all through biggerpockets etc) and I've had multiple prospective tenants inquire about section 8. The rental price is higher (slightly) than the town's section 8 voucher for a 3 bedroom. I wasn't planning to rent to section 8, but i'm know that in MA they are a protected class. What are my obligations for accepting section 8 given that there is a delta in the asking rent? Most of the documentation i find is for landlords who already deal with section 8, but is there anything out there that addresses the situation when section 8 tenants apply to a non-section 8 apartment? To add a few wrinkles. I'm advertising the unit as a 3 bed, but for section 8 what would it technically qualify as? [link] [comments]  |
| Posted: 29 Jan 2018 02:13 PM PST Do you guys think this could be a problem? They don't mention anything in the disclosure about flooding, but this seems like a stupid design decision. The driveway isn't at a very steep angle, but it's enough that water is going to go down there for sure. There is also ice and snow to worry about in the winter. I see there is a small drain at the bottom, but not sure that's enough. Another thing I don't like is how the land around the house slopes down, too. I can see that area acting like one big funnel. I don't know. Maybe I'm worrying about nothing? Here is a photo: https://imgur.com/a/AvLnD [link] [comments]  |
| Good Idea or Bad - Purchasing Parent's House Posted: 29 Jan 2018 04:41 AM PST So I've come to an important cross roads in my life and I need some advice and guidance on what path to take. My parents own about 15 acres of property with two houses on it. I live with my parents in one house and my grandparents live next door in the other. Unfortunately my Grandfather is experiencing some health issues and has been hospitalized for a few weeks. When he finally gets discharged, it is clear that he and my grandmother will not be able to live by themselves and they will have to move into an assisted living facility. This is sort of a problem in and of itself, but I don't see any way around it so I'm not going to focus on that. What I am considering is purchasing the property from my parents and moving into my grandparents' house. Additionally, my Father asked me for $2,000 this month to help make the mortgage payment. He and my mother can no longer afford the property. My grandparents pay $500 in rent so obviously it is going to be even more difficult to for my parents to pay for the property every month without that income. My Mom and Dad have always been poor with money and their mortgage payment is in the neighborhood of $2,300/MO. I don't know all the specifics of the loan, but I know they have around $125,000 remaining on the loan. High property taxes and re-financing the loan probably contributed to that. Meanwhile, I've been saving for a down payment on a house and have been browsing the local market over the last few months. With the new circumstances, I've changed gears and I want to explore purchasing the family property. From what I read and understand, they are able to gift me equity in the home which can serve as my down payment. What I am considering is purchasing the house for around $200,000. This would give them some cash to help with their immediate financial issues and with the equity gift, I would be able to avoid PMI and spending my down payment savings (could use on some improvements). I would estimate the property is work ~$300,000 to ~$350,000 based on comparables in the area (conservative estimate I think?). Additionally, my parents would continue to live on the property and pay rent monthly to me. I've arrange to meet with a real estate lawyer next week to discuss my options. I'm a first time homebuyer and am purchasing from family so I want to take advantage of any opportunities I have at my disposal. Due to the family nature I want to make sure there is a written agreement prior to sale so that expectations are clear all the way around. My father and grandfather went in together on the property 40 years ago and it did not work out well for them, I'm aiming to avoid a repeat. Obviously there is a lot of work to do to figure out specific numbers. I need to dial in how much I can afford, how much equity they have and what the property appraised value is, exactly how much their loan is worth, how much money in repairs are needed and even how much money my grandparents long term care will cost. For now I just am looking for some guidance on what steps to take. Is there anything else I should consider? Is this a bad idea? Am I on to something here? Any thoughts or insight is appreciated! My Financial situation: -25 Years old -$90,000/year pre-tax salary -$36,000 Cash savings -$21,000 in Roth IRA ($16,500 in contributions) -$35,000 in 401k -$2k in HSA No student loan debt or car payments (company vehicle) Pittsburgh Area [link] [comments]  |
| Posted: 29 Jan 2018 08:48 AM PST |
| Posted: 29 Jan 2018 08:29 PM PST I've been renting for 15 years, and have no clue what:
If I drag the sliders one way I can afford a $250,000 home for $400 a month. The other way I'm paying $1,500 for $70,000 home. I'm sorry I'm a first time home buyer, and I haven't spent the $ on the recommended reading books. I've looked at both sidebar realtor links, and they are identical. I'm trying to understand the process, and there isn't a "first time home buyer" subreddit I can find that is active. How do I find the mortgage rate on a home? How do I find the price growth rate? How do I find ALL those factors on the "calculator"? I've never even heard of 90% of those terms. This sure seems to be the ONLY subreddit on the topic, but there is an incredible lack of information to someone like myself. [link] [comments]  |
| Homeowner wants to sell while having a Reverse Mortgage Posted: 29 Jan 2018 10:38 AM PST Having a non-biased lender look over the paperwork to get more information. She believes that she owes about $30k more than what the house is worth. I am a newer agent so this is a little out of my ballpark. My broker is assisting me, but is not very experienced on shortsales/reverse mortgages. What is the general process for this? How does it differ from listing a normal single-family residence? [link] [comments]  |
| Find condo association contact information? Posted: 29 Jan 2018 06:56 PM PST I've been looking at places in SoCal and the slowest part of searching has been getting information about the HOA so I can do my due diligence. How do I find the people that can give me CCRs, meeting minutes, financial info, and whatever else I'm forgetting? [link] [comments]  |
| Posted: 29 Jan 2018 06:51 AM PST I am a first time home buyer in the Indianapolis, IN area. We found a wonderful 3 bedroom ranch is a perfect area that really suits all of our needs and is within our price range. The home had been purchased by an investor and updated throughout with new windows, kitchen redone, etc.- mostly aesthetic updates. Our offer was accepted last week and we had the inspection done on Friday. It is an older home, built in 1952, and some potentially significant issues were found. One of the basement walls has a horizontal crack and some bowing in the wall, and the electrical box is very outdated and in need of replacement. There were some other, relatively minor issues but those were the big, expensive ones. In our inspection response we are requesting that a specialist be brought in to inspect and recommend remediation (to be done by the seller) for the basement wall/foundation issue and electrical box with us have first right of refusal for the chosen professional. The seller could very well just say no, we get our earnest money back, and the search continues. From my perspective, we need to have a professional in there to determine if the issues are huge or not before we can make a decision. What is stressing me out is my well meaning but occasionally overbearing parents who see something like this and think we should get our ASAP. I have done my best to get guidance from different perspectives including our realtor, parents, reading on the internet, etc. While I think it's definitely smart to gather the perspectives of others, I've also found that everybody has an opinion and they often completely contradict one another. At this point, I feel frustrated, frazzled, and just plain burned out. I just want to make sure I am approaching this in the right way, because at the end of the day, the best information should be coming from a a professional looking at these things. I know that buying an older home will mean that it might have typical older home issues, but I do not want to purchase something newer. I can't see myself living in one of the many "Ken and Barbie" neighborhoods in my area where all of the houses look the same. Am I going about this the right way? [link] [comments]  |
| Why have MLS’s not taken the initiative to integrate VR tours and videos into the listings? Posted: 29 Jan 2018 05:10 PM PST I am located in the California and have only been seeing links leading away to another site. [link] [comments]  |
| Buying a rental property vs. buying the LLC that owns the property [OH]. Posted: 29 Jan 2018 04:52 PM PST Hello everyone, looking to buy my first 4-unit apartment buiding and am exploring different financing options. The seller offered today to sell me the current LLC that owns the property instead of just selling me the property itself. I have no idea what the implications of this are when it comes to financing. All banks have quoted me the 20% downpayment but I am wondering if buying the LLC changes the financing structure (ideally lowering the required downpayment) even at the risk of a higher interest rate. Any help or direction would be appreciated! [link] [comments]  |
| Should I refinance out of a 5.75% interest rate? Posted: 29 Jan 2018 10:48 AM PST Just trying to see if its worth throwing cash into a refi in order to achieve better cashflow going forward, or just leaving the current mortgage in place. I owe 122k at 5.75 and 5k at 0% (was a downpayment assistance deal back in 2006), so 127k total, with 19 years left on my primary residence. Originally purchased at 158k, house was last appraised (not assessed) at $135k back in 2016. Taxes are $2600/yr and Insurance is $1000, so my total PITI is right around $1220. I'm considering renting the property when I move since I will just break even (if I'm lucky) if I sell at this time. Current rentals in my area go for between $1200 to $1600/mo. Location: Baltimore, MD [link] [comments]  |
| (TX) First Time Home Buyer. Seller Backing Out after Executing Contract. Help? Posted: 29 Jan 2018 04:10 PM PST The house has been on the market for almost 8 months, the price has been lowered several times and I went and had a look. I liked it and thought it had a lot of potential and put a bid in under asking price with my realtor, their realtor countered and we countered back to take it at X price and as is. But now is when the scary stuff happens, the owner of the house says he didn't sign the contract, even though his initials and signature are on it. He says his son did it and he doesn't want to sell it anymore. We had to cancel our inspection and are now waiting to hear from his realtor. What can I do? Possible important information: 1. The house has not had an inspection, buy them or my self. 2.The house is listed at X square foot, and the property taxes show the same, but I measured it and know it is higher than listed. They saw me measure the rooms (they didn't leave on my second showing of the house and awkwardly hovered over us the whole time). 3. We are in the option period currently. 4. The contract has no stipulations for the sellers backing out. I am afraid they realize that they listed for the wrong square footage and are now trying to back out of the contract and put it back on the market for a higher price. Even though it hasn't sold for the last 8 months. Any advice would be much appreciated, I have been looking for a house for a long time and am very sad to think the one I finally got can be taken away from me. [link] [comments]  |
| [MA] MLS stated home is de-leaded but no lead tests exists on Mass Lead Safe Home site Posted: 29 Jan 2018 09:59 AM PST So, the MLS listing states that the home is de-leaded, but on the mass lead safe website, the home is not listed. We are supposed to sign our P&S soon, which states the seller has no knowledge regarding presence of lead paint. We are waiting to hear back from the seller in regards to this discrepancy. If we go over our deadline to sign P&S, because we're waiting for the seller to clear up this discrepancy, is that something the buyer can back out, and can we expect to get our "good faith" money back if they do back out? [link] [comments]  |
| Investing in a house with electric heat (CA) Posted: 29 Jan 2018 03:49 PM PST Hey All, I've been looking for an investment property and i found one! However, ever since they accepted my offer I've been having doubts. The condo is a new build (2017) in a great location in Guelph with LOTS of amenities within a couple blocks and 10 mins from a major highway. The only draw back is the condo fee's ($300) which don't cover heating, water, and electricity. And the unit has an electric furnace w/ an electric hot water tank. So my question is did i make a good decision in buying a property with highish condo fee's that don't cover much with an all electric system? [link] [comments]  |
| [TX] Finding out if a home has a lien Posted: 29 Jan 2018 03:26 PM PST Hi there, if this is the wrong the wrong place to post please redirect me. My uncle is looking to buy a house due to the owner passing away not to long ago. However he wants to find out if there are any liens before buying. I cant seem to find anything that could help me find out. All I managed to find where tax records. Any help would be appreciated. He lives in the Pasadena Houston area. [link] [comments]  |
| [northern VA] Thoughts on the offered loan rates Posted: 29 Jan 2018 03:26 PM PST Hello there! Background: I am in the market to buy my first house in northern Virginia. Some details: Married, annual income 80000$; no debts, mortgage score of 760 plus; mortgage preapproved for $375k: have 5% downpayment; another 5% as an emergency fund. All estimates are for a Conventional loan with 3% down and a sales price of $375,000. Loan 1) VHDA with reduced MI: 4.375% with option to buy out the MI for 5000$ Loan 2) Loan with LPMI: 4.375% Loan 3) Loan with BPMI: 4% Loan 4) Loan with monthly MI: 4% MI quoted is between 110$-125$/month. What you guys think? Are they competitive enough? I am more like leaning towards VHDA. Thanks. [link] [comments]  |
| Resource for contact information(SC) Posted: 29 Jan 2018 07:42 AM PST Does anybody have a reliable resource for getting phone numbers or email addresses for prospective leads? I have tried whitepages but a lot of the phone numbers are outdated. [link] [comments]  |
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